Exam (elaborations)
BUSML 3250 Final -Chapter 10 Pricing Exam Questions and Answers
- Course
- Institution
BUSML 3250 Final -Chapter 10 Pricing Exam Questions and Answers
[Show more]
Content preview
BUSML 3250 Final -Chapter 10 PricingExam Questions and Answers
Price - Answer--the amount of money charged for a product or service, or the sum of
the values that customers exchange for the benefits of having or using the product or
service
Customer value-based pricing - Answer--setting price based on buyers' perceptions of
value rather on the seller's cost --> price is considered along with all other marketing
variables before setting the program/don't set price after creating the product
Good-value pricing - Answer--offering just the right combination of quality and good
service at a fair price
-every day low pricing vs. high-low pricing
Value-added pricing - Answer--attaching the value-added features and services to
differentiate a company's offers and charging higher prices
Cost based pricing - Answer--setting prices based on the costs of producing,
distributing, and selling the product plus a fair rate of return for effort and risk --> can by
high or low
Fixed (overhead) costs - Answer--costs that do not vary with production or sales level
Variable costs - Answer--costs that vary directly with the level of production
Total costs - Answer--the sum of the fixed and variable costs for any given level of
production
Short/long run average cost curve - Answer--shows how costs decrease with increased
production until a specific point where diseconomies of scale occur
Experience (learning) curve - Answer--the drop in the average per-unit production cost
that comes with accumulated production experience
Cost-plus (markup) pricing - Answer--adding a standard markup to the cost of a product
Break-even (target return) pricing - Answer--setting a price to break even on the costs of
making and marketing a product, or setting price to make a target return --> uses break
even chart (intersection of total cost and total revenue)
Competition-based pricing - Answer--setting prices based on competitors' strategies,
prices, costs, and market offerings --> value is based off of a competitor's prices and
quality
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now